Five Tips To Buying In A Fast Market

If you're a buyer in a hot housing market, you may have already lost out on several homes already. How can you get the upper hand? Here are five tips:

1. Get preapproved by a lender. Sharing financial information your lender requests will get you preapproved. You'll know the limits on how much home you can afford, how much money to put down, and what your interest rate will be. A preapproval letter will assure the seller that you're ready to buy.
2. Trust your real estate professional. As a Realor, I knows the market, can feed you new listings that fit your criteria, and have many contacts to learn about homes coming onto the market which you wouldn't get to see otherwise.
3. Make a realistic must-have list. Pick a neighborhood, house type and price range with a limited number of features. Be prepared to make compromises - smaller, fewer bedrooms or baths.
4. Consider less-than-perfect homes. Buying the worst house on the best block is a proven strategy. A home that needs repairs and updates will sell at a discount to other homes. Bringing your home up to the neighborhood standards is a quick route to building equity.
5. Buy under your means. If you get into a bidding war, you'll need a little wiggle room so you can compete. Many homes will sell above list price, so it's smart to keep your cool because you know you can go up if you need to.

HOMEBUYERS’ ADVICE

Three New Year’s Homebuyer Resolutions

This is the year you become a homeowner! To make the most of this most important step in your life, make these three New Year’s home buying resolutions now. I will check and repair my credit. Before you start shopping for homes, make sure you have no errors or unresolved credit issues that could prevent you from getting a good loan. The three credit reporting bureaus, Experian, Transunion and Equifax, don’t share data, nor do they correct errors without evidence. Order a full credit report from all three bureaus here. If you find an error, contact the appropriate bureau and mail copies of your payment, release of lien or other proof. I will get preapproved for a mortgage loan. Take two to four months of bank statements, pay stubs, and an account of your monthly debts and expenses to your lender. The lender calculates how much money you can safely borrow and at what interest rate. Preapproval also means a lot to sellers. It show’s that you’re serious about buying a home and that the closing process will be quicker and smoother because you already have a lender. I will buy within my means. It’s sensible to buy the most home you can afford, and your lender will help you get there, but it’s not wise to get a risky adjustable rate mortgage so you can buy more house. Being “house poor” means having no money available for other things in life, so stick to conforming loan guidelines to be safer financially.

Marketing Your Home for the Holidays

The holidays can be an ideal time to market a home. Families spend more time together, and sellers making a move during fall and early winter tend to be highly motivated.

Also, companies transfer employees according to need, and January is one of the busiest times of the year. When relocating transferees often have only a few weeks to find a home so make sure your house stands out with a few well-placed holiday decorations.

Be certain not to clutter tabletops, mantles or countertops or put holiday decorations out too soon. Wait until after Thanksgiving and take them down by the first weekend in January.

This may not be the year to put up a big tree because it can make a room appear cramped. The number one reason buyers choose a home is to have more space so let them look around without stepping around gift packages or avoiding fragile ornaments.

If you want a live tree, make sure it’s watered so the tree won’t turn brown or drop needles. Use fresh garlands to decorate mantles and doorways, and you can throw them away after the season.

Your time is best spent cleaning, staging and packing nonessentials in preparation for moving. Your home will show better and you’ll feel less stress if you don’t take on too much.

Ideal One Story Townhouse

2392 San Jacinto Drive, Lewisville $205,000

Adorable one story, 2 bedroom townhouse. Just the right size! Well maintained, updates, 2 car garage and private backyard. Study / office area and large kitchen with breakfast area, spacious closets and large master bath. Beautiful community pool and common green spaces.  HOA maintains exterior of home, yard, pool and landscape. This is the perfect turn-key home!

Open House this weekend!

2392sanjacinto.BHHShomesTX.com

For more pictures instantly: Text "22017" To 79564

Seller Tip

The Seller Who Tests the Market

When you see the market rising, it’s tempting to price your home even higher than nearby homes that recently sold. So you tell your listing agent that you want to "test" the market to see if you can get even more for your home.
Sometimes, it’s appropriate to choose a list price higher than recent comparable sold homes, but that strategy seldom works unless the market is climbing rapidly. If you’re looking for a quick, hassle-free sale, you need to decide which is more important – getting more for your home or moving on to your new life somewhere else.
Let’s say your neighborhood’s highest, most recent home sale was $500,000, and your agent suggests a listing price of $510,000. You want to test the market at $530,000 - which is $20,000 more than your agent recommends, and $30,000 over the latest comparable.
Your home hits the market at $530,000 and has tons of showings the first week. Your strategy is working, except that you don’t receive any offers. By the second week, there are few to no showings. Agents are reporting back to your listing agent that their buyers said your home “needs work,” or that they “found something more suited to their needs.”
After months of making two mortgage payments, your home finally sells at $518,000. Meanwhile, you paid months of overhead to get $9,000. You actually lost peace of mind and threw away a lot of money.
Overpriced homes simply take longer to sell. If you’re tempted to “test the market”, remember that the market will test you.

Home Inspection

Renegotiating After the Home Inspections

Negotiations don’t necessarily end when you and the seller sign the contract to purchase. You have the right to have the home you’re buying inspected for soundness, which you can include as a contingency to your offer. That way, if the inspection reveals a serious issue, you and the seller can address it through renegotiations.
During the inspection process, the inspector is required to tell you about the condition of the appliances, heating and cooling, electrical and plumbing systems, foundation, roofing, exterior materials and so on.
Depending on where you live, you may also get separate inspections for pests and environmental issues such as radon. You’ll also learn if your future home is up to current building codes and what needs to be done to bring it up to code.
Once the inspections are complete, you have to decide if any problems found are worth renegotiating. It’s a risk because your existing contract is no longer in force and the seller is free to accept another offer. Renegotiate only for a system that is unsafe or expensive to replace.
Most sellers expect to make reasonable repairs and replacements if the inspection reveals an issue that wasn’t obvious when you first agreed to terms. As long as communication remains open and civil, the seller should have as much desire to make the sales contract work as you do.

Good To Know … Globally: Gloria Vargo, agent with Berkshire Hathaway HomeServices PenFed Realty Texas, officially became network CIPS designee! “I am thrilled to be one of the chosen Berkshire Hathaway HomeServices recipient of the CIPS designation,” Gloria said. “I look forward to using the tools and resources provided to better service our growing international clientele.” 

Our brand-new residential and commercial affiliate map displaying Berkshire Hathaway HomeServices affiliates and locations.